BMW Returns

This thread makes for very interesting reading.

It goes a long way to explaining why I've always been very uneasy about pcp / contract rental or even HP as a way of buying (what for me) is basically a toy. I can see the attraction in that it lets you ride away today on a shiny new bike that you'd never have been able to afford if you had to buy it outright (or would take far too long to save for) but I guess I'm a bit old fashioned in that I've always hated 'credit' (especially credit secured on the asset). If I've got to 'finance' it, I generally don't have it (the exception being the house). I've got a friend who's just bought himself a couple of 20k Harleys on varying degrees of finance - I literally wouldn't be sleeping at night but each to their own.

I've never bought a new bike, the dearest bike I've ever owned is my current TC GSA which I scraped together 11k to buy at two years old but it's 'mine' and I like that feeling. I've no desire to change it at the moment - it does everything I want very well and I love it but with the price of comparable new replacements getting towards 20k and my aversion to 'finance', I can see me keeping it for a good while yet!

I hope everything worked out for Jay

Amen to that:thumby:
 
My last two vehicle purchases were on HP. The Audi A4 cost me £24K but 18 months later I was forced to sell (divorce). I got 18K so was easily able to pay off the remaining debt. With hindsight I should have kept it and kept paying the fees.

The next one was a Merc Vito van. I sent that back after 2 years when 50% of the premiums had been paid. no questions asked no fuss about fair wear n tear.

Back then, PCPs were probably a new idea but I doubt they would have turned out 1/2 as well as the HP deals did.

The GS was bought outright and Ive never bought anything on finance since then.

I don't mind financing an asset as if the worst happens it can be sold or handed back. PCPs do bother me. Yes, when finance is cheap the end payment costs very little to finance, but the fine print is scary and bike/cars are so easily to mark down for this that or the other blemish. The real biggie is mileage. If you underestimate what happens park it up and buy a rat car or take the hit on P per mile?
 
I have done plenty of stopping and listening thanks! I have taken on board all comments and taken the time to thank those of you who have commented on this.
Can you not see your self jumping to conclusions? Again you assume that I decline advice! Is this because I haven't met your personal timescale for listing my bike in the FS section? If so, what time should I have done it please?

Let's try an undo this 'turning things on their head' thing that you seem to be such a dab hand at: My posts may well fluctuate, as may my mood in troubled times. There are few people I have ever come across that don't portray a changing personality trait when under stress.
"Woe is me" is your take on my explanation of my predicament to explain why the bike has to go. Whereas I see it as providing a brief insight as to why things are what they are. Hang on, just reaching for the tissues!
I haven't asked for a better deal from BMW, you have 'chosen' to read something you can't actually see!
It isn't defiance I offer, it is common sense, you know, that shortage thing , that dictates to me that though I may get a better deal than £6600 on here it doesn't clear the deal with BMW FS because I cannot make up the shortfall of any figure below that of which I am prepared to sell for. Therefore there is no sale because nobody wants to buy a bike knowing there is outstanding finance on it, even if it's £100.00! If they did then they would happily up their price to own it outright whilst being in the knowledge they still got a good deal.

That I am in the shit should have no bearing on what this bike can be bought for. Instead it should be viewed that you can't buy this bike anywhere else at this price and at this mileage with this warranty on it, or unlikely, at least!

Understand, perhaps, that in the real world all people are different. Whilst I fear very little in this world I would be a liar if said this whole situation is having no effect on me. I have a constant gut churning, day in and day out over the current situation. Not about a BMW motorcycle but about how the future is going to pan out. Not about splitting with my partner of seven years, but about having to change my job, going into the unknown new job in order to work longer hours for higher pay in order to 'earn' the right to keep my home that will be my sole responsibility once the dual mortgage holders become one....and trying to find another £700.00 per month to keep the one bedroomed castle bungalow. This is where bankruptcy kicks in, not because of a motorcycle and vet bills for the cats.

Oh, and the home is barely at break even after years of negative equity. It's a whole new subject that can be tackled another day, perhaps, on the stupidity of why people mortgage themselves at 100%! Not because they know that bankruptcy is the future plan B, but because it feels right at the time.
If I really knew what fate would hold for me in several years time then I assure you, that winning lottery ticket would have been mine a long long time ago!

Once upon a not too long ago it was all affordable, I was debt free, apart from the mortgage of course. The DMP started after the BMW purchase and after my partner was made redundant when the Tories made cutbacks. NO , I am not blaming the Tories, I am explaining what happens when one thing bangs into another thing, and then makes contact with the next nearest thing, etc etc...
I/we felt safe, or as safe as you could feel in the modern employment world. My partner had never before been unemployed. It wasn't thought of, expected or welcome when it happened, but it did.

Each and every one of us are a finger click away from being in the shit in some way or another, whether you are fully loaded or on the bread line, and we all have to deal with it in our own way. Advice is always good but let it be the recipient who chooses whether that advice could/would work for them or not.

Woe be me...but that you express being sorry is appreciated.

That is a very sobering post and once that could happen to any one of us
 
There is an important point to make here. Seen with hindsight, things looks much much more obvious than they do at the time one experiences them. Judging anything with the benefit of hindsight is inherently different from making those decisions in real time
 
I once took finance on a bike courtesy of a well known bike financier - think equestrian ;)

unfortunatly like the OP my situation changed (job loss) and i was unable to meet the repayments

I contacted the HP Co. and explained, and continued to make payments of a limited amount, to show good faith

By my estimation i had paid over 50% of the loan agreement,

but was not aware of any legislation that said i coud hand back the bike and walk away?


Dont get any ideas that talking to a loan company is liable to work in your favour.. it is'nt .. after 3 months they issued a default notice for non payment - despite me making payment of what funds i could afford

3 months after the default notice they sold the debt on to a loan company based in Scotland.

What started then was almost a year of constant phone calls most of which were threatening, demanding payment,

Telling me to sell the bike for pennies just to settle the debt!


I stood my ground, and told them if they wanted any form of repayment, they wernt going to get it by threatening me or my family -

Yup- they dont care who they harrass - it's all about getting the money back --

They only saw some sense after making stupid demands that i sell the bike to give them some up front funds -

By this time i had a temp job, so when i explained that if i sold the bike i would have no way to get to work and then my only option

would be to declare myself bankrupt.


At that point they offered a repayment plan to clear the debt. All sorted nope!!!


after a further 12 months of paying there "Agreed plan" the calls started again..

By this time i wasnt budging and i told them to go f*ck them selves and if they wanted to get any more money i'd see them in court

The next call was an offer for full and final settlement of the debt, a few hundred or so quid

My now "Mrs Santa" paid it for me, to get them off my back, ( and dont worry i paid her back in full :) )

Every time i see a bike for sale with them as the finance Co. it makes me shudder !

Never again with that shower!!!
 
I once took finance on a bike courtesy of a well known bike financier - think equestrian ;)

unfortunatly like the OP my situation changed (job loss) and i was unable to meet the repayments

I contacted the HP Co. and explained, and continued to make payments of a limited amount, to show good faith

By my estimation i had paid over 50% of the loan agreement,

but was not aware of any legislation that said i coud hand back the bike and walk away?


Dont get any ideas that talking to a loan company is liable to work in your favour.. it is'nt .. after 3 months they issued a default notice for non payment - despite me making payment of what funds i could afford

3 months after the default notice they sold the debt on to a loan company based in Scotland.

What started then was almost a year of constant phone calls most of which were threatening, demanding payment,

Telling me to sell the bike for pennies just to settle the debt!


I stood my ground, and told them if they wanted any form of repayment, they wernt going to get it by threatening me or my family -

Yup- they dont care who they harrass - it's all about getting the money back --

They only saw some sense after making stupid demands that i sell the bike to give them some up front funds -

By this time i had a temp job, so when i explained that if i sold the bike i would have no way to get to work and then my only option

would be to declare myself bankrupt.


At that point they offered a repayment plan to clear the debt. All sorted nope!!!


after a further 12 months of paying there "Agreed plan" the calls started again..

By this time i wasnt budging and i told them to go f*ck them selves and if they wanted to get any more money i'd see them in court

The next call was an offer for full and final settlement of the debt, a few hundred or so quid

My now "Mrs Santa" paid it for me, to get them off my back, ( and dont worry i paid her back in full :) )

Every time i see a bike for sale with them as the finance Co. it makes me shudder !

Never again with that shower!!!

They were persistent
 
Indeed !

A very unpleasant bunch of people, that said, with hindsight i should have told them to feck off much sooner!
 
I once took finance on a bike courtesy of a well known bike financier - think equestrian ;)

Every time i see a bike for sale with them as the finance Co. it makes me shudder !

Never again with that shower!!!

Are we talking about a certain high street lender with glossy TV adverts showing a herd of wild stallions racing down a beach at dawn to befriend a cross-section of society, all to the sound of a cover version of Olives "Your not alone" ???
 
Hang in there OP, do whatever it takes to keep your house... take in a lodger, beans on toast 3 times a day etc ;-) Good luck.
 
If the PCP interest rate is low enough go for it, but paying anything over 5% is bonkers, especially if you can get a personal loan for the full amount at a low interest rate.....


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